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Landstar
🇺🇸 NASDAQ:LSTR
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•
Apr 01, 2023

Landstar Q1 2023 Earnings Report

Landstar's first quarter performance reflected a challenging freight environment, with revenue and EPS declining compared to the record first quarter of 2022, while maintaining sequential stability in revenue per load.

Key Takeaways

Landstar System reported a decrease in revenue and diluted earnings per share for the first quarter of 2023 compared to the same period in 2022. Revenue decreased to $1.436 billion from $1.971 billion, and diluted earnings per share decreased to $2.17 from $3.34. The company noted that revenue generated via unsided/platform equipment held up better than van equipment and other truck transportation services.

First quarter revenue was $1.436 billion, a decrease from $1.971 billion in the first quarter of 2022.

Diluted earnings per share were $2.17, compared to $3.34 in the first quarter of 2022.

Truck transportation revenue accounted for 92% of total revenue.

The company anticipates second quarter revenue to be in the range of $1.40 billion to $1.45 billion and DEPS to be in the range of $1.90 to $2.00.

Total Revenue
$1.44B
Previous year: $1.97B
-27.1%
EPS
$2.17
Previous year: $3.34
-35.0%
BCO Contractors
10K
Truck Brokerage Carriers
61.77K
BCO Trucks
10.81K
Previous year: 11.94K
-9.4%
Gross Profit
$153M
Previous year: $215M
-28.8%
Cash and Equivalents
$341M
Free Cash Flow
$133M
Total Assets
$1.84B

Landstar

Landstar

Landstar Revenue by Segment

Forward Guidance

Landstar anticipates revenue for the second quarter of 2023 to be in the range of $1.40 billion to $1.45 billion and DEPS to be in the range of $1.90 to $2.00.

Positive Outlook

  • Anticipates revenue for the 2023 second quarter to be in a range of $1.40 billion to $1.45 billion.
  • Expects DEPS to be in a range of $1.90 to $2.00 for the second quarter of 2023.
  • Expects truck revenue per load and truck load volume sequential trends closer to pre-pandemic, historical patterns.
  • Insurance and claims expense estimated to be similar to the insurance and claims expense reported in the 2023 first quarter.
  • Effective income tax rate of 24.4%.

Challenges Ahead

  • Truck revenue per load has thus far sequentially trended slightly below first quarter to the beginning of second quarter pre-pandemic, historical patterns.
  • The number of loads hauled via truck through the first several weeks of the 2023 second quarter has sequentially trended a bit further below these historical patterns.
  • Expects revenue per load on loads hauled via truck to be in a range of 12% to 14% below the 2022 second quarter.
  • Expects the number of loads hauled via truck to be in a range of 14% to 16% below the 2022 second quarter.
  • Challenging freight environment to begin the 2023 fiscal year.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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